Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
Nov. 30, 2013 | Jan. 02, 2014 | Jan. 02, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Nov-13 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Entity Registrant Name | 'MSC INDUSTRIAL DIRECT CO INC | ' | ' |
Entity Central Index Key | '0001003078 | ' | ' |
Current Fiscal Year End Date | '--08-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 47,996,711 | 14,140,747 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $48,430 | $55,876 |
Accounts receivable, net of allowance for doubtful accounts of $8,263 and $7,523, respectively | 348,673 | 345,366 |
Inventories | 416,317 | 419,012 |
Prepaid expenses and other current assets | 30,864 | 35,464 |
Deferred income taxes | 37,771 | 37,771 |
Total current assets | 882,055 | 893,489 |
Property, plant and equipment, net | 272,684 | 251,536 |
Goodwill | 630,130 | 630,318 |
Identifiable intangibles, net | 151,081 | 155,324 |
Other assets | 31,789 | 12,336 |
Total assets | 1,967,739 | 1,943,003 |
Current Liabilities: | ' | ' |
Revolving credit note | 50,000 | ' |
Current maturities of long-term debt | 17,288 | 14,184 |
Accounts payable | 107,767 | 113,636 |
Accrued liabilities | 115,275 | 85,759 |
Total current liabilities | 290,330 | 213,579 |
Long-term debt, net of current maturities | 254,671 | 241,566 |
Deferred income taxes and tax uncertainties | 97,475 | 97,475 |
Total liabilities | 642,476 | 552,620 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock; $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 539,508 | 528,770 |
Retained earnings | 1,170,934 | 1,132,868 |
Accumulated other comprehensive loss | -3,804 | -4,427 |
Class A treasury stock, at cost, 6,826,701 and 5,340,587 shares, respectively | -381,444 | -266,897 |
Total shareholders' equity | 1,325,263 | 1,390,383 |
Total liabilities and shareholders' equity | 1,967,739 | 1,943,003 |
Class A Common Stock [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | 55 | 55 |
Class B Common Stock [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | $14 | $14 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 |
Accounts receivable, allowance for doubtful accounts | $8,263 | $7,523 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A treasury stock, shares | 6,826,701 | 5,340,587 |
Class A Common Stock [Member] | ' | ' |
Common stock, voting rights | 'one vote per share | 'one vote per share |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,826,415 | 54,634,259 |
Class B Common Stock [Member] | ' | ' |
Common stock, voting rights | 'ten votes per share | 'ten votes per share |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 14,140,747 | 14,140,747 |
Common stock, shares outstanding | 14,140,747 | 14,140,747 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Condensed Consolidated Statements Of Income And Comprehensive Income [Abstract] | ' | ' |
Net sales | $678,510 | $577,491 |
Cost of goods sold | 363,655 | 312,402 |
Gross profit | 314,855 | 265,089 |
Operating expenses | 218,105 | 162,737 |
Income from operations | 96,750 | 102,352 |
Other (expense) income: | ' | ' |
Interest expense | -847 | -52 |
Interest income | 5 | 43 |
Other expense, net | -212 | -16 |
Total other expense | -1,054 | -25 |
Income before provision for income taxes | 95,696 | 102,327 |
Provision for income taxes | 36,650 | 39,140 |
Net income | $59,046 | $63,187 |
Net income per common share: | ' | ' |
Basic | $0.93 | $1.01 |
Diluted | $0.93 | $1 |
Weighted average shares used in computing net income per common share: | ' | ' |
Basic | 62,773 | 62,378 |
Diluted | 63,078 | 62,701 |
Cash dividend declared per common share | $0.33 | $0.30 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Net income, as reported | $59,046 | $63,187 |
Foreign currency translation adjustments | 623 | 269 |
Comprehensive income | $59,669 | $63,456 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement Of Shareholders' Equity (USD $) | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Class A Treasury Stock [Member] | Total |
In Thousands | Common Stock [Member] | Retained Earnings [Member] | Common Stock [Member] | Retained Earnings [Member] | |||||||
Balance, Value at Aug. 31, 2013 | $55 | ' | ' | $14 | ' | ' | $528,770 | $1,132,868 | ($4,427) | ($266,897) | $1,390,383 |
Balance, Shares at Aug. 31, 2013 | 54,634 | ' | ' | 14,141 | ' | ' | ' | ' | ' | 5,341 | ' |
Exercise of common stock options, including income tax benefits of $2,019, Shares | 83 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' |
Exercise of common stock options, including income tax benefits of $2,019, Value | 0 | ' | ' | 0 | ' | ' | 6,077 | 0 | 0 | 0 | 6,077 |
Common stock issued under associate stock purchase plan, Shares | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | -12 | ' |
Common stock issued under associate stock purchase plan, Value | 0 | ' | ' | 0 | ' | ' | 364 | 0 | 0 | 449 | 813 |
Grant of restricted common stock, net of cancellations, Shares | 109 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' |
Stock-based compensation | 0 | ' | ' | 0 | ' | ' | 4,232 | 0 | 0 | 0 | 4,232 |
Purchase of treasury stock, Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,498 | ' |
Purchase of treasury stock, Value | 0 | ' | ' | 0 | ' | ' | 0 | 0 | 0 | -114,996 | -114,996 |
Cash dividends paid on common stock | 0 | -16,249 | -16,249 | 0 | -4,666 | -4,666 | 0 | ' | 0 | 0 | ' |
Issuance of dividend equivalent units | 0 | ' | ' | 0 | ' | ' | 65 | -65 | 0 | 0 | 0 |
Foreign currency translation adjustments | 0 | ' | ' | 0 | ' | ' | 0 | 0 | 623 | 0 | 623 |
Net income | 0 | ' | ' | 0 | ' | ' | 0 | 59,046 | 0 | 0 | 59,046 |
Balance, Value at Nov. 30, 2013 | $55 | ' | ' | $14 | ' | ' | $539,508 | $1,170,934 | ($3,804) | ($381,444) | $1,325,263 |
Balance, Shares at Nov. 30, 2013 | 54,826 | ' | ' | 14,141 | ' | ' | ' | ' | ' | 6,827 | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Condensed Consolidated Statement Of Shareholders' Equity [Abstract] | ' |
Exercise of common stock options, income tax benefits | $2,019 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $59,046 | $63,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 16,061 | 10,021 |
Stock-based compensation | 4,232 | 4,253 |
Loss on disposal of property, plant, and equipment | 65 | 60 |
Provision for doubtful accounts | 1,118 | 1,116 |
Excess tax benefits from stock-based compensation | -4,012 | -3,451 |
Changes in operating assets and liabilities, net of amounts associated with business acquired: | ' | ' |
Accounts receivable | -3,831 | 7,931 |
Inventories | 3,185 | 5,915 |
Prepaid expenses and other current assets | 3,195 | -4,161 |
Other assets | -285 | 1,073 |
Accounts payable and accrued liabilities | 25,606 | 3,425 |
Total adjustments | 45,334 | 26,182 |
Net cash provided by operating activities | 104,380 | 89,369 |
Cash Flows from Investing Activities: | ' | ' |
Expenditures for property, plant and equipment | -12,506 | -16,993 |
Investment in available for sale securities | -20,366 | ' |
Cash used in business acquisition, net of cash received | 1,434 | 0 |
Net cash used in investing activities | -31,438 | -16,993 |
Cash Flows from Financing Activities: | ' | ' |
Purchases of treasury stock | -114,996 | -3,506 |
Payments of cash dividends | -20,915 | -18,907 |
Payments on capital lease and financing obligations | -321 | -279 |
Excess tax benefits from stock-based compensation | 4,012 | 3,451 |
Proceeds from sale of Class A common stock in connection with associate stock purchase plan | 813 | 863 |
Proceeds from exercise of Class A common stock options | 4,058 | 11,024 |
Borrowings under Credit Facility | 50,000 | 0 |
Payment of notes payable and under the Credit Facility | -3,125 | ' |
Net cash used in financing activities | -80,474 | -7,354 |
Effect of foreign exchange rate changes on cash and cash equivalents | 86 | 31 |
Net (decrease) increase in cash and cash equivalents | -7,446 | 65,053 |
Cash and cash equivalents-beginning of period | 55,876 | 168,453 |
Cash and cash equivalents-end of period | 48,430 | 233,506 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid for income taxes | 3,999 | 5,999 |
Cash paid for interest | $751 | $5 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Nov. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
Note 1. Basis of Presentation | |
The accompanying condensed consolidated financial statements include MSC Industrial Direct Co., Inc. ("MSC") and all of its subsidiaries (hereinafter referred to collectively as the "Company"). All intercompany balances and transactions have been eliminated in consolidation. | |
The Company acquired substantially all of the assets and assumed certain liabilities of the North American distribution business ("BDNA") of Barnes Group Inc. ("Barnes") on April 22, 2013. The results of BDNA are included since the date of acquisition. | |
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. Operating results for the thirteen week period ended November 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending August 30, 2014. For further information, refer to the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2013. | |
The Company's fiscal year ends on the Saturday closest to August 31 of each year. Unless the context requires otherwise, references to years contained herein pertain to the Company's fiscal year. The Company's 2014 fiscal year will be a 52-week accounting period that will end on August 30, 2014 and the 2013 fiscal year was a 52-week accounting period that ended on August 31, 2013. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Net Income Per Share [Abstract] | ' | ||||||||
Net Income Per Share | ' | ||||||||
Note 2. Net Income per Share | |||||||||
The following table sets forth the computation of basic and diluted net income per common share under the two-class method in accordance with Accounting Standards CodificationTM ("ASC") Topic 260, "Earnings Per Share": | |||||||||
Thirteen Weeks Ended | |||||||||
November 30, | 1-Dec-12 | ||||||||
2013 | |||||||||
Net income as reported | $ | 59,046 | $ | 63,187 | |||||
Less: Distributed net income available to participating securities | (132 | ) | (117 | ) | |||||
Less: Undistributed net income available to participating securities | (293 | ) | (343 | ) | |||||
Numerator for basic net income per share: | |||||||||
Undistributed and distributed net income available to common shareholders | $ | 58,621 | $ | 62,727 | |||||
Add: Undistributed net income allocated to participating securities | 293 | 343 | |||||||
Less: Undistributed net income reallocated to participating securities | (292 | ) | (342 | ) | |||||
Numerator for diluted net income per share: | |||||||||
Undistributed and distributed net income available to | $ | 58,622 | $ | 62,728 | |||||
common shareholders | |||||||||
Denominator: | |||||||||
Weighted average shares outstanding for basic net income per share | 62,773 | 62,378 | |||||||
Effect of dilutive securities | 305 | 323 | |||||||
Weighted average shares outstanding for diluted net income per share | 63,078 | 62,701 | |||||||
Net income per share Two-class method: | |||||||||
Basic | $ | 0.93 | $ | 1.01 | |||||
Diluted | $ | 0.93 | $ | 1 | |||||
Antidilutive stock options of 399 were not included in the computation of diluted earnings per share for the thirteen week period ended November 30, 2013. There were no antidilutive stock options included in the computation of diluted earnings per share for the thirteen week period ended December 1, 2012. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 3. Stock-Based Compensation | |||||||||||||||||
The Company accounts for all share-based payments in accordance with ASC Topic 718, "Compensation — Stock Compensation" ("ASC 718"). The stock-based compensation expense related to the stock option plans and the Associate Stock Purchase Plan included in operating expenses was $1,455 and $1,439 for the thirteen week periods ended November 30, 2013 and December 1, 2012, respectively. Tax benefits related to these expenses for the thirteen week periods ended November 30, 2013 and December 1, 2012 were $526 and $523, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
30-Nov-13 | 1-Dec-12 | ||||||||||||||||
Expected life (in years) | 3.9 | 3.8 | |||||||||||||||
Risk-free interest rate | 0.93 | % | 0.55 | % | |||||||||||||
Expected volatility | 26.59 | % | 32.86 | % | |||||||||||||
Expected dividend yield | 1.7 | % | 1.7 | % | |||||||||||||
A summary of the Company's stock option activity for the thirteen weeks ended November 30, 2013 is as follows: | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate Intrinsic Value | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
per Share | Contractual Term | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding on August 31, 2013 | 1,224 | $ | 58.3 | ||||||||||||||
Granted | 399 | 81.76 | |||||||||||||||
Exercised | (83 | ) | 48.59 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding on November 30, 2013 | 1,540 | $ | 64.91 | 5.03 | $ | 20,338 | |||||||||||
Exercisable on November 30, 2013 | 655 | $ | 53.56 | 3.71 | $ | 15,248 | |||||||||||
The weighted-average grant-date fair values of the stock options granted for the thirteen week periods ended November 30, 2013 and December 1, 2012 were $14.98 and $15.31, respectively. The unrecognized share-based compensation cost related to stock option expense at November 30, 2013 was $12,505 and will be recognized over a weighted average period of 2.0 years. The total intrinsic value of options exercised, which represents the difference between the exercise price and market value of common stock measured at each individual exercise date, during the thirteen week periods ended November 30, 2013 and December 1, 2012 were $2,378 and $8,223, respectively. | |||||||||||||||||
A summary of the non-vested restricted share award activity under the Company's 2005 Omnibus Incentive Plan (the "Plan") for the thirteen weeks ended November 30, 2013 is as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant-Date Fair Value | |||||||||||||||||
Non-vested restricted share awards at August 31, 2013 | 505 | $ | 59.47 | ||||||||||||||
Granted | 111 | 81.76 | |||||||||||||||
Vested | (131 | ) | 47.02 | ||||||||||||||
Canceled/Forfeited | (2 | ) | 66.41 | ||||||||||||||
Non-vested restricted share awards at November 30, 2013 | 483 | $ | 67.94 | ||||||||||||||
Stock-based compensation expense recognized for the restricted share awards was $2,238 and $2,285 for the thirteen week periods ended November 30, 2013 and December 1, 2012, respectively. The unrecognized compensation cost related to restricted share awards granted under the Plan at November 30, 2013 was $21,963 and will be recognized over a weighted average period of 2.5 years. | |||||||||||||||||
A summary of the Company's non-vested restricted stock unit award activity including dividend equivalent units for the fiscal year ended November 30, 2013 is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Non-vested restricted stock unit awards at August 31, 2013 | 196 | $ | 55.32 | ||||||||||||||
Granted | 1 | 78.76 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled/forfeited | — | — | |||||||||||||||
Non-vested restricted stock unit awards at November 30, 2013 | 197 | $ | 55.49 | ||||||||||||||
Stock-based compensation expense recognized for the restricted stock units was $539 and $529 for the thirteen week periods ended November 30, 2013 and December 1, 2012, respectively. The unrecognized compensation cost related to the restricted stock units at November 30, 2013 was $3,456 and is expected to be recognized over a period of 2.0 years. |
Fair_Value
Fair Value | 3 Months Ended |
Nov. 30, 2013 | |
Fair Value [Abstract] | ' |
Fair Value | ' |
Note 4. Fair Value | |
Fair value accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value into three levels, with Level 1 being of the highest priority. The three levels of inputs used to measure fair value are as follows: | |
Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. | |
Level 3 — Unobservable inputs which are supported by little or no market activity. | |
As of November 30, 2013 and August 31, 2013, the Company measured cash equivalents consisting of money market funds at fair value on a recurring basis for which market prices are readily available (Level 1) and that invest primarily in United States government and government agency securities and municipal bond securities, which aggregated $6,435 and $2,529, respectively. | |
In connection with the construction of the Company's new customer fulfillment center in Columbus, Ohio, the Company entered into an arrangement with the Columbus-Franklin County Finance Authority ("Finance Authority") which provides savings on state and local sales taxes imposed on construction materials to entities that finance the transactions through them. This arrangement consists of the Finance Authority issuing taxable bonds to finance the structure and site improvements of the Company's customer fulfillment center. The taxable bonds were approximately $22,366 and $2,000 at November 30, 2013 and August 31, 2013, respectively. The taxable bonds are classified as available for sale securities in accordance with ASC Topic 320. The securities are recorded at fair value in the Consolidated Balance Sheet. The fair values of these securities are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. The Company did not record any significant gains or losses on these securities during the thirteen week period ended November 30, 2013. The outstanding principal amount of each bond bears interest at the rate of 2.4% per year. Interest is payable on a semiannual basis in arrears on each interest payment date. | |
In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying values of the Company's capital lease obligations also approximate fair value. The fair value of the Company's long-term debt, including current maturities, is estimated based on quoted market prices for the same or similar issues or on current rates offered to the Company for debt of the same remaining maturities. The carrying amount of the Company's debt at November 30, 2013, approximates its fair value. | |
The Company's financial instruments, other than those presented in the disclosure above, include cash, receivables, accounts payable, and accrued liabilities. Management believes the carrying amount of the aforementioned financial instruments is a reasonable estimate of fair value as of November 30, 2013 and August 31, 2013 due to the short-term maturity of these items. | |
During the thirteen week periods ended November 30, 2013 and December 1, 2012, the Company had no significant measurements of non-financial assets or liabilities at fair value on a non-recurring basis subsequent to their initial recognition. |
Restructuring_And_Other_Charge
Restructuring And Other Charges | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Restructuring and Other Charges [Abstract] | ' | ||||||||||||
Restructuring and Other Charges | ' | ||||||||||||
Note 5. Restructuring and Other Charges | |||||||||||||
As a result of the BDNA acquisition, the Company expects to incur restructuring charges associated with associate severance costs, stay bonuses and the impairment of long-lived assets due to the closure of facilities. The aggregate liabilities included in "Accrued liabilities" in the consolidated balance sheet relating to the restructuring activities as of November 30, 2013 and activity for thirteen week period ended November 30, 2013 consisted of the following: | |||||||||||||
Workforce Reductions | Facility Closings | Total | |||||||||||
Accrued restructuring balance, August 31, 2013 | $ | 2,460 | — | $ | 2,460 | ||||||||
Charged to operating expenses | 2,134 | 502 | 2,636 | ||||||||||
Cash payments | (383 | ) | (419 | ) | (802 | ) | |||||||
Accrued restructuring balance, November 30, 2013 | $ | 4,211 | $ | 83 | $ | 4,294 | |||||||
Non-recurring integration costs and restructuring charges associated with the BDNA acquisition are estimated to be between approximately $10,000 and $15,000 throughout the remainder of fiscal year 2014. |
Debt_And_Capital_Lease_Obligat
Debt And Capital Lease Obligations | 3 Months Ended |
Nov. 30, 2013 | |
Debt And Capital Lease Obligations [Abstract] | ' |
Debt And Capital Lease Obligations | ' |
Note 6. Debt and Capital Lease Obligations | |
Credit Facility | |
On April 22, 2013, in connection with the acquisition of BDNA, the Company entered into a new $650,000 credit facility (the "New Credit Facility"). The New Credit Facility, which matures on April 22, 2018, provides for a five-year unsecured revolving loan facility in the aggregate amount of $400,000 and a five-year unsecured term loan facility in the aggregate amount of $250,000. The New Credit Facility replaced the Company's $200,000 credit facility (the "Former Credit Facility"), dated June 8, 2011. | |
The New Credit Facility also permits the Company, at its request, and upon the satisfaction of certain conditions, to add one or more incremental term loan facilities and/or increase the revolving loan commitments in an aggregate amount not to exceed $200,000. Subject to certain limitations, each such incremental term loan facility or revolving commitment increase will be on terms as agreed to by the Company, the Administrative Agent and the lenders providing such financing. | |
Borrowings under the New Credit Facility bear interest, at the Company's option, either at (i) the LIBOR (London Interbank Offered Rate) rate plus the applicable margin for LIBOR loans ranging from 1.00% to 1.375%, based on the Company's consolidated leverage ratio; or (ii) the greatest of (a) the Administrative Agent's prime rate in effect on such day, (b) the federal funds effective rate in effect on such day, plus 0.50% and (c) the LIBOR rate that would be calculated as of such day in respect of a proposed LIBOR loan with a one-month interest period, plus 1.00%, plus, in the case of each of clauses (a) through (c), an applicable margin ranging from 0.00% to 0.375%, based on the Company's consolidated leverage ratio. The Company is required to pay a quarterly undrawn fee ranging from 0.10% to 0.20% per annum on the unutilized portion of the New Credit Facility based on the Company's consolidated leverage ratio. The Company is also required to pay quarterly letter of credit usage fees ranging between 1.00% to 1.375% (based on the Company's consolidated leverage ratio) on the amount of the daily average outstanding letters of credit, and a quarterly fronting fee of 0.125% per annum on the undrawn and unexpired amount of each letter of credit. The applicable borrowing rate for the Company for any borrowings outstanding under the New Credit Facility at November 30, 2013 was 1.17%, which represents LIBOR plus 1.0%. Based on the interest period the Company selects, interest may be payable every one, two, three or six months. Interest is reset at the end of each interest period. The Company currently elects to have loans under the New Credit Facility bear interest based on LIBOR with one-month interest periods. | |
The New Credit Facility contains several restrictive covenants including the requirement that the Company maintain a maximum consolidated leverage ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization) of no more than 3.00 to 1.00, and a minimum consolidated interest coverage ratio of EBITDA to total interest expense of at least 3.00 to 1.00, during the term of the New Credit Facility. Borrowings under the New Credit Facility are guaranteed by certain of the Company's subsidiaries. | |
The Company financed $370,000 of the BDNA purchase price with the proceeds of the unsecured term loan facility and a portion of the unsecured revolving loan facility. The Company repaid $120,000 of the revolving loan facility during fiscal 2013. During the thirteen week period ended November 30, 2013, the Company borrowed $50,000 under the revolving loan facility. The $350,000 balance of the revolving loan facility is available for working capital purposes, if necessary. | |
As of November 30, 2013, there were $246,875 of borrowings outstanding under the term loan facility of the New Credit Facility and $50,000 outstanding under the revolving credit facility, of which $65,625 represents current maturities. As of August 31, 2013, there were $250,000 of borrowings outstanding under the term loan facility of the New Credit Facility and none outstanding under the revolving credit facility, of which $12,500 represents current maturities. At November 30, 2013, the Company was in compliance with the operating and financial covenants of the New Credit Facility. | |
Capital Lease and Financing Obligations | |
In connection with the construction of the Company's new customer fulfillment center in Columbus, Ohio, the Company entered into an arrangement with the Columbus-Franklin County Finance Authority ("Finance Authority") which provides savings on state and local sales taxes imposed on construction materials to entities that finance the transactions through them. This arrangement consists of the Finance Authority issuing taxable bonds to finance the structure and site improvements of the Company's customer fulfillment center. The Finance Authority holds the title to the building and entered into a long-term lease with the Company. The lease has a 20-year term with a prepayment option without penalty between 7 and 20 years. At the end of the lease term, the building's title is transferred to the Company for a nominal amount when the principal of and interest on the bonds have been fully paid. The lease has been classified as a capital lease in accordance with ASC Topic 840. At November 30, 2013 and August 31, 2013, the capital lease obligation was approximately $22,366 and $2,000, respectively. The non-cash financing activity related to the capital lease for the thirteen week period ended November 30, 2013 was $20,366. | |
From time to time, the Company enters into capital leases and financing arrangements to purchase certain equipment. The equipment acquired from these vendors is paid over a specified period of time based on the terms agreed upon. The Company did not enter into any capital leases or financing obligations for information technology equipment during the thirteen week period ended November 30, 2013. During the fiscal year ended August 31, 2013, the Company entered into various capital leases and financing obligations for certain information technology equipment totaling $1,854. | |
The amount due under all capital leases and financing arrangements at November 30, 2013 was approximately $25,084, of which $1,663 represents current maturities. The net book value of the property and equipment acquired under these capital leases and financing agreements at November 30, 2013 and August 31, 2013 was approximately $25,265 and $7,594, respectively. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Nov. 30, 2013 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
Note 7. Shareholders' Equity | |
The Company paid cash dividends of $20,915 for the thirteen weeks ended November 30, 2013. For the thirteen weeks ended December 1, 2012, the Company paid cash dividends of $18,907. On December 18, 2013, the Board of Directors declared a quarterly cash dividend of $0.33 per share payable on January 28, 2014 to shareholders of record at the close of business on January 14, 2014. The dividend will result in a payout of approximately $20,505, based on the number of shares outstanding at January 2, 2014. | |
The Board of Directors established the MSC Stock Repurchase Plan (the "Plan") which allows the Company to repurchase shares at any time and in any increments it deems appropriate in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the thirteen week period ending November 30, 2013, the Company repurchased 1,498 shares of its Class A common stock for $114,996, which is reflected at cost as treasury stock in the accompanying condensed consolidated financial statements. Approximately 45 of these shares were repurchased by the Company to satisfy the Company's associates' tax withholding liability associated with its share-based compensation program. As of November 30, 2013, the maximum number of shares that may yet be repurchased under the Plan was 2,931 shares. |
Product_Warranties
Product Warranties | 3 Months Ended |
Nov. 30, 2013 | |
Product Warranties [Abstract] | ' |
Product Warranties | ' |
Note 8. Product Warranties | |
The Company generally offers a maximum one-year warranty, including parts and labor, for some of its machinery products. The specific terms and conditions of those warranties vary depending upon the product sold. The Company may be able to recoup some of these costs through product warranties it holds with its original equipment manufacturers, which typically range from thirty to ninety days. In general, many of the Company's general merchandise products are covered by third party original equipment manufacturers' warranties. The Company's warranty expense for the thirteen week periods ended November 30, 2013 and December 1, 2012 was minimal. |
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 9. Income Taxes | |
During the thirteen week periods ended November 30, 2013 and December 1, 2012, there were no material changes in unrecognized tax benefits. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Nov. 30, 2013 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
Note 10. Legal Proceedings | |
There are various claims, lawsuits, and pending actions against the Company incidental to the operation of its business. Although the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Nov. 30, 2013 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Note 11. Recently Issued Accounting Standards | |
Recognizing assets and liabilities arising from lease contracts on the balance sheet | |
In May 2013, the FASB reissued an exposure draft on lease accounting that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The proposed exposure draft states that lessees and lessors should apply a "right-of-use model" in accounting for all leases. Under the proposed model, lessees would recognize an asset for the right to use the leased asset, and a liability for the obligation to make rental payments over the lease term. When measuring the asset and liability, variable lease payments are excluded whereas renewal options that provide a significant economic incentive upon renewal would be included. The lease expense from real estate based leases would continue to be recorded under a straight line approach, but other leases not related to real estate would be expensed using an effective interest method that would accelerate lease expense. Comments were due by September 13, 2013. A final standard is currently expected to be issued in 2014 and would be effective no earlier than annual reporting periods beginning on January 1, 2017 (fiscal 2018 for the Company). The Company is currently assessing the impact that the adoption of the guidance will have on its financial position, results of operations and cash flows. As of November 30, 2013, the Company leases all of its branch offices and certain of its customer fulfillment centers and office space. | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued an accounting standard which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance is effective for periods beginning after December 15, 2012. The adoption of this new guidance did not have any impact on the Company's financial position, results of operations or cash flows. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Net Income Per Share [Abstract] | ' | ||||||||
Basic And Diluted Net Income Per Common Share Under The Two-Class Method | ' | ||||||||
Thirteen Weeks Ended | |||||||||
November 30, | 1-Dec-12 | ||||||||
2013 | |||||||||
Net income as reported | $ | 59,046 | $ | 63,187 | |||||
Less: Distributed net income available to participating securities | (132 | ) | (117 | ) | |||||
Less: Undistributed net income available to participating securities | (293 | ) | (343 | ) | |||||
Numerator for basic net income per share: | |||||||||
Undistributed and distributed net income available to common shareholders | $ | 58,621 | $ | 62,727 | |||||
Add: Undistributed net income allocated to participating securities | 293 | 343 | |||||||
Less: Undistributed net income reallocated to participating securities | (292 | ) | (342 | ) | |||||
Numerator for diluted net income per share: | |||||||||
Undistributed and distributed net income available to | $ | 58,622 | $ | 62,728 | |||||
common shareholders | |||||||||
Denominator: | |||||||||
Weighted average shares outstanding for basic net income per share | 62,773 | 62,378 | |||||||
Effect of dilutive securities | 305 | 323 | |||||||
Weighted average shares outstanding for diluted net income per share | 63,078 | 62,701 | |||||||
Net income per share Two-class method: | |||||||||
Basic | $ | 0.93 | $ | 1.01 | |||||
Diluted | $ | 0.93 | $ | 1 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Fair Value Of Options Granted Estimated Using Black-Scholes Option Pricing Model Assumptions | ' | ||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
30-Nov-13 | 1-Dec-12 | ||||||||||||||||
Expected life (in years) | 3.9 | 3.8 | |||||||||||||||
Risk-free interest rate | 0.93 | % | 0.55 | % | |||||||||||||
Expected volatility | 26.59 | % | 32.86 | % | |||||||||||||
Expected dividend yield | 1.7 | % | 1.7 | % | |||||||||||||
Summary Of Stock Options | ' | ||||||||||||||||
Options | Weighted- | Weighted- | Aggregate Intrinsic Value | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
per Share | Contractual Term | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding on August 31, 2013 | 1,224 | $ | 58.3 | ||||||||||||||
Granted | 399 | 81.76 | |||||||||||||||
Exercised | (83 | ) | 48.59 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding on November 30, 2013 | 1,540 | $ | 64.91 | 5.03 | $ | 20,338 | |||||||||||
Exercisable on November 30, 2013 | 655 | $ | 53.56 | 3.71 | $ | 15,248 | |||||||||||
Non-Vested Restricted Share Award Activity | ' | ||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average Grant-Date Fair Value | |||||||||||||||||
Non-vested restricted share awards at August 31, 2013 | 505 | $ | 59.47 | ||||||||||||||
Granted | 111 | 81.76 | |||||||||||||||
Vested | (131 | ) | 47.02 | ||||||||||||||
Canceled/Forfeited | (2 | ) | 66.41 | ||||||||||||||
Non-vested restricted share awards at November 30, 2013 | 483 | $ | 67.94 | ||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Non-vested restricted stock unit awards at August 31, 2013 | 196 | $ | 55.32 | ||||||||||||||
Granted | 1 | 78.76 | |||||||||||||||
Vested | — | — | |||||||||||||||
Cancelled/forfeited | — | — | |||||||||||||||
Non-vested restricted stock unit awards at November 30, 2013 | 197 | $ | 55.49 | ||||||||||||||
Restructuring_And_Other_Charge1
Restructuring And Other Charges (Tables) | 3 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Restructuring and Other Charges [Abstract] | ' | ||||||||||||
Schedule of Restructuring Charges | ' | ||||||||||||
Workforce Reductions | Facility Closings | Total | |||||||||||
Accrued restructuring balance, August 31, 2013 | $ | 2,460 | — | $ | 2,460 | ||||||||
Charged to operating expenses | 2,134 | 502 | 2,636 | ||||||||||
Cash payments | (383 | ) | (419 | ) | (802 | ) | |||||||
Accrued restructuring balance, November 30, 2013 | $ | 4,211 | $ | 83 | $ | 4,294 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Net Income Per Share [Abstract] | ' | ' |
Net income as reported | $59,046 | $63,187 |
Less: Distributed net income available to participating securities | -132 | -117 |
Less: Undistributed net income allocated to participating securities | -293 | -343 |
Undistributed and distributed net income available to common shareholders, basic | 58,621 | 62,727 |
Add: Undistributed net income allocated to participating securities | 293 | 343 |
Less: Undistributed net income reallocated to participating securities | -292 | -342 |
Undistributed and distributed net income available to common shareholders, diluted | $58,622 | $62,728 |
Weighted average shares outstanding for basic net income per share | 62,773 | 62,378 |
Effect of dilutive securities | 305 | 323 |
Weighted average shares outstanding for diluted net income per share | 63,078 | 62,701 |
Net income per share, Basic | $0.93 | $1.01 |
Net income per share, Diluted | $0.93 | $1 |
Antidilutive stock options | 399 | 0 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $4,232 | $4,253 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 1,455 | 1,439 |
Stock-based compensation expense, tax benefit | 526 | 523 |
Weighted-average grant-date fair values of the stock options granted | $14.98 | $15.31 |
Total intrinsic value of options exercised | 2,378 | 8,223 |
Unrecognized share-based compensation cost | 12,505 | ' |
Unrecognized share-based compensation weighted average period | '2 years | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 2,238 | 2,285 |
Unrecognized share-based compensation cost | 21,963 | ' |
Unrecognized share-based compensation weighted average period | '2 years 6 months | ' |
Restricted Stock Unit Agreement [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 539 | 529 |
Unrecognized share-based compensation cost | $3,456 | ' |
Unrecognized share-based compensation weighted average period | '2 years | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Of Options Granted Estimated Using Black-Scholes Option Pricing Model Assumptions) (Details) | 3 Months Ended | |
Nov. 30, 2013 | Dec. 01, 2012 | |
Stock-Based Compensation [Abstract] | ' | ' |
Expected life | '3 years 10 months 24 days | '3 years 9 months 18 days |
Risk-free interest rate | 0.93% | 0.55% |
Expected volatility | 26.59% | 32.86% |
Expected dividend yield | 1.70% | 1.70% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding on August 31, 2013, Weighted-Average Exercise Price per Share | $58.30 |
Granted, Weighted-Average Exercise Price per Share | $81.76 |
Exercised, Weighted-Average Exercise Price per Share | $48.59 |
Canceled, Weighted-Average Exercise Price per Share | $0 |
Outstanding on November 30, 2013, Weighted-Average Exercise Price per Share | $64.91 |
Exercisable on November 30, 2013, Weighted-Average Exercise Price per Share | $53.56 |
Outstanding on November 30, 2013, Weighted-Average Remaining Contractual Term | '5 years 11 days |
Exercisable on November 30, 2013, Weighted-Average Remaining Contractual Term | '3 years 8 months 16 days |
Outstanding on November 30, 2013, Aggregate Intrinsic Value | $20,338 |
Exercisable on November 30, 2013, Aggregate Intrinsic Value | $15,248 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding on August 31, 2013, Options | 1,224 |
Granted, Options | 399 |
Exercised, Options | -83 |
Canceled, Options | 0 |
Outstanding on November 30, 2013, Options | 1,540 |
Exercisable on November 30, 2013, Options | 655 |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Restricted Share Award Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 |
Restricted Stock [Member] | 2005 Omnibus Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested restricted share awards at August 31, 2013, Shares | 505 |
Granted, Shares | 111 |
Vested, Shares | -131 |
Canceled/Forfeited, Shares | -2 |
Non-vested restricted share awards at November 30, 2013, Shares | 483 |
Non-vested restricted share awards at August 31, 2013, Weighted-Average Grant-Date Fair Value | $59.47 |
Granted, Weighted-Average Grant-Date Fair Value | $81.76 |
Vested, Weighted-Average Grant-Date Fair Value | $47.02 |
Canceled/Forfeited, Weighted-Average Grant-Date Fair Value | $66.41 |
Non-vested restricted share awards at November 30, 2013, Weighted-Average Grant-Date Fair Value | $67.94 |
Restricted Stock Unit Agreement [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested restricted share awards at August 31, 2013, Shares | 196 |
Granted, Shares | 1 |
Non-vested restricted share awards at November 30, 2013, Shares | 197 |
Non-vested restricted share awards at August 31, 2013, Weighted-Average Grant-Date Fair Value | $55.32 |
Granted, Weighted-Average Grant-Date Fair Value | $78.76 |
Non-vested restricted share awards at November 30, 2013, Weighted-Average Grant-Date Fair Value | $55.49 |
Fair_Value_Details
Fair Value (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash equivalents, fair value | $6,435 | $2,529 |
Corporate Bond Securities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Taxable bond | $22,366 | $2,000 |
Investment Interest Rate | 240.00% | ' |
Restructuring_And_Other_Charge2
Restructuring And Other Charges (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued restructuring balance, August 31, 2013 | $2,460 |
Charged to operating expenses | 2,636 |
Cash payments | -802 |
Accrued restructuring balance, November 30, 2013 | 4,294 |
Workforce Reductions [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued restructuring balance, August 31, 2013 | 2,460 |
Charged to operating expenses | 2,134 |
Cash payments | -383 |
Accrued restructuring balance, November 30, 2013 | 4,211 |
Facility Closing [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Charged to operating expenses | 502 |
Cash payments | -419 |
Accrued restructuring balance, November 30, 2013 | 83 |
Minimum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Non-recurring transaction, integration costs and restructuring charges associated with the acquisition in 2014 | 10,000 |
Maximum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Non-recurring transaction, integration costs and restructuring charges associated with the acquisition in 2014 | $15,000 |
Debt_And_Capital_Lease_Obligat1
Debt And Capital Lease Obligations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 08, 2011 | Nov. 30, 2013 | Aug. 31, 2013 | Apr. 22, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2013 |
New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Federal Funds Effective Rate Plus [Member] | One-Month Interest Period [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Corporate Bond Securities [Member] | Corporate Bond Securities [Member] | ||||
LIBOR Interest Period Plus [Member] | Alternate Base Rate [Member] | Alternate Base Rate [Member] | |||||||||||||||
LIBOR [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured credit facility | ' | ' | $200,000 | ' | ' | $650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving loan facility, Term | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving loan facility, amount | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured term loan facility, Term | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured term loan facility, Amount | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available increase in amount borrowed | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed during the period | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 22-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing rate under Credit Facility | 1.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points in addition to reference rate used in computation of variable rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | 1.00% | 0.00% | 1.00% | 0.38% | 1.38% | ' | ' |
Quarterly undrawn fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | 0.20% | ' | ' | ' |
Quarterly letter of credit usage fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.38% | ' | ' | ' |
Quarterly fronting fee | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases and financing obligations for certain information technology equipment entered into | ' | 1,854 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consolidated leverage ratio of total indebtedness to EBITDA | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consolidated interest coverage ratio of EBITDA to total interest expense | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of purchase price financed | ' | ' | ' | ' | ' | ' | 370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 254,671 | 241,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities | ' | ' | ' | 65,625 | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of loan facility | ' | ' | ' | ' | ' | ' | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility available balance | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | ' | 246,875 | 250,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount due under all capital leases and financing agreements | 25,084 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,366 | 2,000 |
Non-cash financing activity related to the capital lease | 20,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of capital lease and financing obligations | 1,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment acquired under capital leases and financing agreements | $25,265 | $7,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Components Of Shareholders Equity [Line Items] | ' | ' |
Cash dividends | $20,915 | $18,907 |
Dividend declared, per share | $0.33 | ' |
Dividend declared date | 18-Dec-13 | ' |
Dividend payable date | 28-Jan-14 | ' |
Dividend record date | 14-Jan-14 | ' |
Dividend payable amount | 20,505 | ' |
Shares repurchased by the company for associates' tax withholding liability associated with share-based compensation | 45 | ' |
Class A common stock shares repurchase amount | 114,996 | ' |
Maximum number of shares that may yet be repurchased | 2,931 | ' |
Class A Treasury Stock [Member] | ' | ' |
Components Of Shareholders Equity [Line Items] | ' | ' |
Class A common stock shares repurchased | 1,498 | ' |
Class A common stock shares repurchase amount | $114,996 | ' |
Product_Warranties_Details
Product Warranties (Details) | 3 Months Ended |
Nov. 30, 2013 | |
Minimum [Member] | ' |
Product warranties with original equipment manufacturers | '30 days |
Maximum [Member] | ' |
Warranty period | '1 year |
Product warranties with original equipment manufacturers | '90 days |